$MSTR - Institutional put/call ratio strips out passive index noise and isolates active positioning. What you see is a heavily two-sided book: Point72 → 1.07M calls vs 164K puts — directional upside bet Citadel → 10.98M calls vs 9.90M puts — near-balanced, vol play LMR Partners → 815K calls vs 3.31M puts — net short/hedged Parallax Volatility → 543K calls vs 1.39M puts — downside skew Weiss Asset Mgmt → large put inventory — tail hedge or outright bearish Translation: $MSTR is being run as a BTC beta/vol vehicle, not a conviction long. The smart money that's buying is doing it with hedges on. That's not a red flag , it's discipline.